Sources of new business ideas

Generation of workable ideas very important to make a business plan. The entrepreneurs usually look around to find clues ideas.

Customers through their frank reactions, often, communicate some ideas to the sales force who make these delivered to the people in search of those.

The table provided under contains a list of such sources of new business ideas.

Sources of new business ideas

1. Sales force

  • Knowledge of customer’s needs
  • Knowledge of the industry competition
  • Inquiries from customers or prospects

2. Research and engineering

  • Application of basic research
  • Accidental discoveries
  • Original or creative thinking
  • Testing existing products and performance records

3. Outside sources

  • Inventors
  • Stockholders
  • Developments in other nations
  • Fashion trends of developed countries
  • Study of project profiles
  • Various Government and public agencies periodic profiles
  • Various Private agencies projects and industries profiles
  • Suppliers or vendors
  • Middlemen
  • Ad agencies
  • Prospective consumers suggestion observing markets

4. Observation of markets

  • Utilization of by-products or scrap
  • Income levels
  • Market surveys
  • Future demand
  • Suggestions from employees
  • Technology, etc.

5. Development in other nations

  • Fashion trends of developed countries

6. Study of project profiles

  • Various government and public agencies periodic profiles
  • Various private agencies projects and industries profiles

7. Other agencies:

  • Consultancy organizations
  • Investment centers
  • Export promotion councils

8. Trade Fairs and Exhibitions

  • National and international trade fairs

sources_of_new_business_ideas

Sales force, suppliers, middlemen, advertisement agencies, trade associations’ workshops, seminars, consultancy organizations help the interested parties with new ideas.

Some organizations of their own, engage competent persons like researchers, engineering talents, incubators and others who in a scientific process constantly look for workable ideas.

Such a model of finding ideas may see below:

sources_of_new_business_ideas

Above figure showing the Creativity Thinking Progress

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